Palihapitiya's SPAC to take Akili Interactive public in $1 bln deal (updated)

Akili

26/01/2022 12:23

(Adds details, proceeds from deal)
    Jan 26 (Reuters) - Akili Interactive, a company that treats
attention-deficit disorders with its video games, will go public
by merging with a blank-check firm led by serial dealmaker
Chamath Palihapitiya in a deal valuing the combined entity at
about $1 billion.
    The deal with Social Capital Suvretta Holdings Corp. I
 DNAA.O  announced on Wednesday will provide Akili with up to
$412 million in gross proceeds, including $162 million through a
private investment in public equity (PIPE) led by Palihapitiya's
Social Capital.
    Akili will also receive up to $250 million from the special
purpose acquisition company's trust account.  
    Existing investors in the company include, Temasek Holdings,
Neuberger Berman, Mirae Asset, Amgen Ventures and Ladera Venture
Partners. 
    Blank-check firms, or special- purpose acquisition companies
(SPACs), are publicly listed shell companies that raise funds
with the intention of merging with a private company within two
years of floating its shares. The private company then goes
public through the merger.
   The deal is expected to close towards mid-2022, following
which Palihapitiya is expected to become the chair of Akili’s
board.
    
    

 (Reporting by Manya Saini and Sohini Podder in Bengaluru;
Editing by Aditya Soni)
 ((Manya.Saini@thomsonreuters.com;))